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Thursday, February 18, 2016

I-Bhd eyes RM1.5b property GDV, optimistic on FY16

SHAH ALAM (Feb 18): I-Bhd, the developer of the i-City here, is optimistic about its current year financials, as the group undertakes RM1.5 billion worth of property projects.

I-Bhd's financial year ends on Dec 31.

I-Bhd's deputy chairman Datuk Eu Hong Chew said the projects include the 8Kia Peng residential tower, near the iconic Petronas Twin Towers within the Kuala Lumpur City Centre.

Eu said the 50-storey 8Kia Peng, which has a gross development value (GDV) of RM1 billion, will offer 442 units, comprising 315 serviced apartments and 127 small office/home offices. He was speaking to reporters today, after the signing ceremony to appoint Setiakon Builders Sdn Bhd as the master contractor for 8Kia Peng.

Eu said I-Bhd is also undertaking the RM500 million, 43-storey Hyde Tower residential project within i-City. He said Hyde Tower is slated for launch next week.

“I am confident that we will do better in 2016 than last year because of the progress in construction.

“It gives us a comfort level, as the figure shows there is still strong demand for our properties, despite the current concerns over the economy," he said.

At 5pm, I-Bhd shares closed unchanged at 47 sen for a market capitalisation of RM465.7 million. The stock saw 312,900 shares done.

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